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Oil Rockets As Trump Signals End To Price War

Oil Rockets As Trump Signals End To Price War

April 2, 2020 6:23 pm

Oil prices rocketed Thursday, posting the largeset percent increase ever, after US President Donald Trump said Russia and Saudi Arabia planned to end their price war by slashing output.

But the initial surge cooled after Russia denied it had spoken with Saudi Arabia, the world’s biggest exporter of crude.

After Trump tweeted that Saudi and Russia could slash production by up to 15 million barrels, Brent hit $36.29 a barrel, up almost 46 percent, and West Texas Intermediate soared around 35 percent to $27.39.

Gains were trimmed soon after, with Brent up 21 percent to $29.94 per barrel and WTI …

Auto Industries Join Tight Race To Make Ventilators

Auto Industries Join Tight Race To Make Ventilators

April 1, 2020 5:59 pm

The automotive industry is offering its expertise and manpower to the hospital sector as it gears up to build mechanical ventilators during the coronavirus pandemic, an initiative that is being met with some scepticism.

American auto manufacturers General Motors and Ford, French car companies PSA and Renault, Germany’s Volkswagen group and Formula 1 engineers have joined the ranks in response to a massive global shortage of the vital piece of medical equipment.

As hospitals around the world face a surge of patients with breathing difficulties from COVID-19, the scarcity of ventilators has forced doctors to make life-or-death decisions.

Repurposing car …

EndSARS Crusaders Sue CBN

CBN Stops Cheque Clearing In Abuja, Lagos, Ogun

March 31, 2020 12:02 pm
The Central Bank of Nigeria (CBN) on Monday, suspended clearing of cheques in Abuja, Lagos and Ogun until further notice.

This followed the lockdown order which affects the nation’s capital and the two neighboring states.

President Muhammadu Buhari said the decision was to contain the spread of coronavirus.

He, however, exempted financial institutions, key players and their staff.

Read Also: CBN Lists Conditions To Access ₦50bn Covid-19 Fund

The CBN directive was contained in a circular to Deposit Money Banks and the Nigeria Interbank Settlement System (NIBSS) by the Director of Banking Services, Sam Okojere.

The bank explained it stopped

…
People’s Bank Of China Injects $7b To Revive Economy

People’s Bank Of China Injects $7b To Revive Economy

March 30, 2020 6:41 am
People’s Bank of China (PBoC) on Monday cut interest rate on loans to banks by the largest margin in five years, to help the world’s second-largest economy weather the effects of coronavirus.

The bank also injected 50 billion yuan ($7 billion) into the financial system.

PBoC said it launched a 50-billion-yuan reverse repurchase operation and lowered the seven-day reverse repurchase rate from 2.40 percent to 2.20 percent.

It was the “largest cut since 2015 and takes the 7-day reverse repo rate to its lowest on record”, said Julian Evans-Pritchard, senior China economist at Capital Economics.

Read Also: Stallion Motors Shut

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The Alakijas Donate ₦1bn To Fight Coronavirus

The Alakijas Donate ₦1bn To Fight Coronavirus

March 30, 2020 6:40 am
Chairman and Vice-Chairman of Famfa Oil Limited, Modupe and Folorunso Alakija have donated ₦1 billion to support Nigeria’s fight against Coronavirus.

According to them, “As the world rallies to deal with the health, security, economic and social implications of the coronavirus, it’s clear that we will feel the effects much more deeply than many of the developed world.

“Managing a crisis of this magnitude means that the strength of our response will determine our ability to weather the storm.”

“Individually and collectively, we are rising to this unprecedented challenge in a way that symbolizes our resilience, our character and strength.

…
Dangote Loses $2.5bn In One Month - Bloomberg

Dangote Loses $2.5bn In One Month – Bloomberg

March 28, 2020 2:02 pm

The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, saw its total net worth drop by $2.5bn in the last 30 days, according to Bloomberg Billionaires Index.

The index, which is a ranking of the world’s 500 richest people, showed that his wealth fell from $15.9bn as of February 25, 2020, to $13.4bn on March 26. It had risen to a high of $16.5bn on January 27.

Read Also: Dangote Breaks Into List Of World’s Top 100 Richest People

He was the only Nigerian on the list of 500 billionaires and retained his position as Africa’s richest person.

“Africa’s richest …

Instagram's CEO Is Managing It From His Garage

Instagram’s CEO Is Managing It From His Garage

March 26, 2020 1:08 pm

“I don’t normally work from my garage,” Adam Mosseri said when asked what it’s like to run one of the biggest social media platforms in the world, Instagram from his San Francisco home.

For years, Instagram has been synonymous with travel and experiences. Its users fill their feeds with carefully filtered and cropped photos of exotic locations and colorful venues. But now, from his plywood-lined garage, Mosseri, Instagram’s CEO, is telling his users to do what he’s doing: stay at home.
Over the past week the company launched a dedicated “Stay at Home” tab featured prominently in the Stories section
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Middle East Opens first hypercar factory

Middle East Opens First Hypercar Factory

March 26, 2020 1:07 pm

In 2015, W Motors achieved global prominence when cinema audiences watched Vin Diesel drive a cherry-red sports car through the windows of a skyscraper in the seventh installment of “The Fast Saga.”

The vehicle in question, a $3.4 million Lykan Hypersport with diamond-studded headlights, was billed as “the first Arabian hypercar” — although the Dubai-based company had it manufactured abroad.
For its latest trick, W Motors will attempt to launch an entire industry.
The first bricks of “W Motors Campus” were laid in January within the Dubai Silicon Oasis free trade zone on the outskirts of the city. The site
…
US: Unemployment Claims Soared To 3.3 Million Last Week

US: Unemployment Claims Soared To 3.3 Million Last Week

March 26, 2020 1:07 pm

A record number of Americans filed for their first week of unemployment benefits last week, as businesses shut down to slow the spread of the coronavirus.

Initial jobless claims soared to a seasonally adjusted 3.28 million in the week ended March 21, according to the Department of Labor.
That is the highest number of initial jobless claims in history, since the Department of Labor started tracking the data in 1967. The previous high was 695,000 claims filed in the week ending October 2, 1982.
“Most historical comparisons of this scale are
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Access Bank Shuts Branch After COVID-19 Positive Visit

Access Bank Shuts Branch After COVID-19 Positive Visit

March 23, 2020 12:51 pm

Access Bank Nigeria has shut down its Ligali Ayorinde branch in Victoria Island, Lagos, after a certain ‘individual’ who visited the branch some days back tested positive for Coronavirus.

Read Also: Cuba Despatches Doctors To Coronavirus-Ravaged Italy

The bank made the announcement on twitter, they wrote:

The health of all our stakeholders remains paramount at Access Bank Plc, as we are adopting all necessary measures to ensure your safety at this time.

We have informed the ministry of health and are working with them to resolve the issues as we continue to fight this corona pandemic.

 

 

AFRICA DAILY …

COVID-19 - MTN Orders Staff To Work From Home

COVID-19: MTN Orders Staff To Work From Home

March 23, 2020 6:21 am

As part of the precautionary measures to stop the spread of COVID-19 (Coronavirus), MTN Nigeria has directed its team to start working from home from today.

According to a statement released by Mr Funso Aina, the telcos Senior Manager, External Relations, from March 23, workers are expected to perform their duties from home.

Aina said that the telcos operations would continue to run at full scale with essential staff working limited hours on-site.

“We also plan to announce the temporary closure of some of our stores.Those that remain open, will operate reduced hours and maintain strict and social distances

…
Sewing Face Masks Goes Viral In Europe

Sewing Face Masks Goes Viral In Europe

March 22, 2020 5:44 pm

What do prisoners, a former first lady and textile makers have in common? All have threaded their needles to combat a dire global shortage of face masks that risks the health of millions amid the COVID-19 pandemic.

Just a week ago, the small Czech company Nanospace was producing bed linen using nanomembrane — a textile with a very fine web of nanofibres — to protect allergic sleepers from mites.

But as the deadly novel coronavirus started reaping its grim toll in Europe, Nanospace workshops began churning out 10,000 nanomembrane face masks per day for two hospitals in the southern Czech …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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